Bernanke: Fed Increasing Oversight Beyond Banks
The Fed has broadened its oversight beyond banks and now monitors a wide-range of financial institutions that could hasten another crisis, Chairman Ben Bernanke said Friday.
financial crisis
Could the U.S. Do Like Cyprus and Seize Bank Deposits?
Cyprus' attempt to raid insured bank accounts has left a bad taste in the mouths of people around the world, and led some to ask: Could it ever happen here in America?
Americans More Financially Savvy Post-Recession, Survey Shows
The frugality and investing discipline that the 2008 financial crisis imposed on Americans appear to have led to permanent changes in spending behavior, a new survey shows.
Cyprus' President Appoints Judges to Investigate Economic Crash
Cyprus' president has appointed a panel of three former supreme court judges to investigate how the country ended up nearly bankrupt.
Cyprus Proposes to Exempt Small Savers From Tax
Cypriot finance officials are revising a planned financial bailout to relieve small account holders from having to pay a fee as part of a plan to rescue troubled banks.
The Great Geithner: Ex-Treasury Secretary Gets Bailout Book Deal
The former Treasury Secretary has an agreement with Crown Publishers, an imprint of Random House, Inc. Crown announced Thursday that Geithner's book, currently untitled, is scheduled for 2014 and will provide a "behind-the-scenes" account of the financial crisis.
Post-Financial Crisis, the SEC Is More Toothless Than Ever
Whether you have millions of dollars invested in stocks, or a few thousand bucks in mutual funds, it's vitally important to you that the SEC -- Wall Street's top cop -- is doing its duty, and enforcing the law. But a new report casts doubt on whether our financial cop is really on the beat.
Buried Under Student Loan Debt? The Government Is Here to Help
To solve the student-loan crisis, the Consumer Financial Protection Bureau is asking the public for their ideas. Aside from the personal pain caused by a mountain of student debt, the CFPB wants to head off the possibility of another financial crisis just like the housing bust.
B of A Reaches Settlement with Fannie Mae on Risky Mortgages
Bank of America has reached a settlement with Fannie Mae on residential mortgage loans sold by the bank and its Countrywide unit to the agency ahead of the nation's 2008 financial crisis. The settlement includes a $3.6 billion payment to Fannie Mae.
Top 10 Business Stories of 2012
This would be the year when the global economy finally regained its vigor. At least that's what many had hoped. It didn't happen. So what were the top ten business stories of 2012?
Treasury Has Sold Its Last Shares of AIG (and Turned a Profit, Too)
The Treasury Department said Tuesday that it has sold all its remaining shares of AIG, wrapping up the government's biggest bailout of the financial crisis. With this sale, the government has received $22.7 billion more than the $182 billion in support it provided to AIG during the crisis.
Shadow Banking: The $67 Trillion Threat to the U.S. Economy
Shadow banking. The name alone sounds ominous -- and it should. Operating out of the spotlight of regulation, the shadow banking system could, given the right conditions, leap from its dark, financial hiding place and bring the U.S. economy to its knees, just like it nearly did in 2008.
Major Banks Cutting 160,000 Jobs Worldwide -- With More to Come
Major banks have announced some 160,000 job cuts worldwide since early last year, more layoffs are coming as the industry restructures. The numbers are much higher in Europe than in Asia or the United States -- and those loses will be a particularly heavy blow to Britain.
Vikram Pandit Quits as Citigroup CEO
Vikram Pandit abruptly stepped down as CEO of Citigroup on Tuesday after steering the bank through the 2008 financial crisis and the choppy years that followed. Also resigning: President and Chief Operating Officer John Havens. Citigroup offered no explanation for the sudden departures.
Role Reversal: Ratings Agencies to Face Review from the E.U.
The European Securities and Markets Authority has begun reviewing how Standard & Poor's, Fitch, and Moody's Investors Service evaluate banks, and if the big three ratings agencies aren't shaking in their boots, maybe they should be.